ASEAN Automotive Insurance Market, By Risk Cover, By Policy Term, By Vehicle Application, By Distribution Channel, By Vehicle Ownership By End-User, By Vehicle Type, By Region, Estimation & Forecast, 2017 - 2027

Asean Automotive Insurance Market is Forecasted to Grow at a CAGR of 5.6% During the Forecast Period 2017-2027

The ASEAN automotive insurance market held a market value of USD 11,914.6 Million in 2020 and is forecasted to reach USD 17,166.5 Million by the year 2027. The market is anticipated to register a CAGR of 5.6% during the projected period.



Automotive insurances is basically a contract between an insurance company and the owner of any vehicle. The market is expected to grow owing to the factors such as the growing disposable income and rising awareness among vehicle end users. Moreover, rising number of accidents is also estimated to fuel the market growth.

Despite the driving factors, increasing prices of automotive insurances are expected to hinder the market growth. During the COVID-19 pandemic, sales of vehicles reduces, which also reduced the adoption of automotive insurance, hence negatively impacting the market growth.

Growth Influencers

Growing disposable income and rise in awareness among vehicle end users

Increasing disposable income is resulting in the rising adoption of cars, which is leading to the rising adoption of automotive insurance. According to CEIC Data, in December 2019, annual household income per capita reached USD 5,761,586 unit from USD 4,820,581 unit in December 2016. Also, according to Driven Communications Sdn Bhd, as of 2019, number of vehicle registrations in Malaysia was 31.2 million. Therefore, growing disposable income and rising awareness among vehicle end users is expected to boost the market growth.

Rising number of accidents

Rising number of accidents is leading to increasing need for adoption of insurances. According to the Budget Direct Insurance, in 2018, the number of road accidents involving injuries in Singapore was 7,690. As per the same source, in 2017, the number of car insurance claims increased by 11.8%, since its previous years. Hence, rising number of road accidents is leading to the adoption of automotive insurance.

Segments Overview:

The ASEAN automotive insurance market is segmented based on risk cover, policy term, vehicle application, distribution channel, vehicle ownership, end user, and vehicle type.

By Risk Cover

• Liability Vehicle Application
• Collision Vehicle Application
• Personal Injury Vehicle Application
• Uninsured Motorist Vehicle Application
• Comprehensive Vehicle Application
• Add ons
• Road side assistance
• Engine replacement
• Nil Depreciation

The liability vehicle application segment held the largest market share of around 38% owing to its growing adoption in the market. Within, the add-ons segment is anticipated to witness the fastest growth rate of 7.4% during the forecast period.

By Policy Term

• One Year
• Three Year
• 5 Year
• More Than 5 Year

The one year segment is estimated to hold the largest market share owing to the increasing demand for one year policies in the developing nations. The 3 year and 5 year segment are also expected to grow at significant rates.

By Vehicle Application

• Personal
• 2 wheelers
• 4 Wheelers
• Commercial
• Passenger
• Heavy Vehicles
• Off road Vehicles

The personal segment is expected to hold the largest market share of about 65% due to increasing adoption of personal-use cars. The off-road vehicle segment is estimated to witness the fastest growth rate of 6.7% and within the commercial segment, the passenger vehicles segment is anticipated to grow at a CAGR of 4.3%.

By Distribution Channel

• Direct
• Agency
• Bank
• Brokers and Insurance Marketplaces

The brokers and insurance marketplaces segment is expected to witness the fastest growth rate owing to the high number of insurances bought in the ASEAN countries through brokers and insurance marketplaces owing to the convenience and ease they offer.

By Vehicle Ownership

• New Vehicles
• Used Vehicles

The used vehicles segment is expected to account for the largest market share owing to the risks they come with, which leads to growing adoption of insurances for these vehicles.

By End User

• Individuals
• Businesses
• Enterprise
• Logistics
• Retail
• Education
• Energy & Mining
• Construction
• Others

The individuals segment is anticipated to account for the largest market share and is also expected to grow at the fastest growth rate of 5.9% over the projected period. Within the businesses segment, the logistics segment is expected to surpass a market size of about USD 1,346.5 million.

By Vehicle Type

• ICE Vehicle
• Petrol
• Diesel
• Other (gas)
• Electric Vehicles
• Hybrid

The ICE vehicles segment is estimated to hold the largest market share owing to the high number of petrol, diesel, and gas fuelled vehicles available in the region. The electric vehicles segment is anticipated to grow at the fastest rate owing to rapidly increasing adoption of electric vehicles.

Regional Overview

Based on region, the ASEAN automotive insurance market is divided into Malaysia, Singapore, Thailand, Vietnam, and Indonesia.

Thailand is anticipated to account for the largest market share of around 35% owing to the growing disposable income in the region and high adoption of cars. Vietnam is expected to witness the fastest growth rate of around 8.8% during the forecast period.

Competitive Landscape

Major players operating in the ASEAN automotive insurance market include Admiral Group Plc, AIG (American International Group, Inc.), Allianz, Allstate Insurance Company, AVIVA Ltd., Berkshire Hathaway Inc., China Pacific Insurance Co., Chubb Group, People's Insurance Company of China, Ping An Insurance (Group) Company of China, Ltd., State Farm Mutual Automobile Insurance, TokioMarine Group, and other prominent players. The major 5 players in the market are expected to account for an approximate market share of 36%. These market players are involved in mergers & acquisitions, collaborations, and new product launches to strengthen their market presence.

The ASEAN automotive insurance market report provides insights on the below pointers:

• Market Penetration: Provides comprehensive information on the market offered by the prominent players
• Market Development: The report offers detailed information about lucrative emerging markets and analyzes penetration across mature segments of the markets
• Market Diversification: Provides in-depth information about untapped geographies, recent developments, and investments
• Competitive Landscape Assessment: Mergers & acquisitions, certifications, product launches in the ASEAN automotive insurance market have been provided in this research report. In addition, the report also emphasizes the SWOT analysis of the leading players.
• Product Development & Innovation: The report provides intelligent insights on future technologies, R&D activities, and breakthrough product developments

The ASEAN automotive insurance market report answers questions such as:

• What is the market size and forecast of the ASEAN automotive insurance Market?
• What are the inhibiting factors and impact of COVID-19 on the ASEAN automotive insurance Market during the assessment period?
• Which are the products/segments/applications/areas to invest in over the assessment period in the ASEAN automotive insurance Market?
• What is the competitive strategic window for opportunities in the ASEAN automotive insurance Market?
• What are the technology trends and regulatory frameworks in the ASEAN automotive insurance Market?
• What is the market share of the leading players in the ASEAN automotive insurance Market?
• What modes and strategic moves are considered favorable for entering the ASEAN automotive insurance Market?